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Nebr Dept of Banking and Finance issues cease and desist order against entity claiming to be a payday lender | Rural Radio Network

Nebr Dept of Banking and Finance issues cease and desist order against entity claiming to be a payday lender

Nebr Dept of Banking and Finance issues cease and desist order against entity claiming to be a payday lender
MGN

Lincoln, Neb., December 5, 2017 – The Nebraska Department of Banking and Finance is warning Nebraska residents about an unlicensed entity claiming to be a Nebraska delayed deposit services business, or payday lender. The entity is known as Steve’s Payday Loans, with a website found at http://www.stevespaydayloans.com. Steve’s Payday Loans is not licensed by the Department as a delayed deposit services business in Nebraska, and it is not a registered corporate or business entity authorized to do business in Nebraska, according to the corporate and business records database available through the Nebraska Secretary of State.

Steve’s Payday Loans claims to be located at 7121 A Street, Suite 100, in Lincoln, Nebraska. Online loan application forms on Steve’s Payday Loans’ website are not secure, or encrypted, despite requiring consumers to submit personal and financial information such as social security numbers and bank account numbers with the application. This website puts consumers’ personal and financial information at great risk for fraud or identity theft. The Department has determined that no such company is located at its purported address. The Department has also determined that the telephone number listed on Steve’s Payday Loans’ website does not lead to a live person or appear to allow any transaction to be completed before disconnecting.

On December 5, 2017, the Department issued a Cease and Desist Order against Steve’s Payday Loans, ordering it to immediately cease from deceptively claiming to be, and from operating as, a payday lender in Nebraska without obtaining the required license.
The Department strongly cautions consumers against conducting business over the Internet with financial companies with whom they are unfamiliar. Consumers may not receive the promised services and rarely, if ever, recover their money if they sustain financial losses. Furthermore, consumers may be asked to provide personal information such as social security numbers and bank account numbers to the entity over the Internet, which makes them prime targets for fraud and identity theft.

To report fraudulent or deceptive payday lending activity, or if you have conducted or attempted to conduct business with Steve’s Payday Loans, contact the Nebraska Department of Banking and Finance by calling the NDBF Consumer Hotline toll free at 1-877-471-3445 in Nebraska (or 1-402-471-2171, if out of state), or by visiting the Department’s website at www.ndbf.nebraska.gov to file a Financial Institutions complaint form. A copy of the Cease and Desist Order is also available on the Department’s website. Before doing business with any Nebraska payday lender, consumers should verify the license status of the entity with the Department.

 

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